I doubt the OP will be able to meet either requirement.As I understand it, personal bankruptcy is reserved for people who are insolvent or on the road there. 

As of now thats not an issue for you, but if you plan on expanding your portfolio utilizing the LLC can open up more financing options for you down the road. 

You will have bumps in the road, but over time, you'll see plenty of returns.

Right around the corner from me on Boynton Beach Blvd, busy road, 3500 sq ft house, just sold (to some ignorant idiot) 4.5 MILL, that's more then 1k per sq ft, again, INSANE.

If you have family there and may return to live there down the road (or will have a better idea after 2-3 years), then rent it. 

That $200/mo today might very well become $600/mo down the road, and then $1,000/mo...But back to our limbo area.

It is truly unfortunate, because with a Road warrior background, I am certain that I could have made a significant financial impact that would have been beneficial for all parties involved!

My buyer's plan is to live in it and use the equity a few years down the road, whether is HELOC or a cash-out refinance, to fund other deals.

You are already losing money on it so you should either cut your losses and sell or be comfortable losing money on a monthly basis with the expectation to make it up on the sale down the road (see you're in FL so you might need to wait a few years).

The investor may have access to lower rate/fees Hard Money; to be a more competitive buyer with little to no contingencies; property may be need to be rehabbed and after adding value may be doing a cash out refinance down the road.